The Apple Inc. store is seen on the day of the new iPhone 7 smartphone launch in Los Angeles, California, U.S., September 16, 2016. REUTERS/Lucy Nicholson

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Indian smartphone maker Micromax is no longer the second highest seller in the Indian phone market in terms of overall sales revenues. The electronics giant Apple has overtaken Micromax, earning more in smartphone sales in India in the financial year ending in March 2016. Lenovo has already overtaken Micromax to become the second biggest phone seller in terms of number of units sold in India, after combining the sales figures of both Lenovo and its subsidiary brand, Motorola.

According to a report in the Economic Times, Apple's revenues from smartphone sales grew by 54 percent in FY16 to ₹9,997.1 crore as compared to ₹6472.89 crore last year. Notably, Apple has put a lot of effort in marketing and sales in India. The company has also been pushing to open Apple stores in India with Tim Cook, CEO of Apple, visiting India and meeting Prime Minister Narendra Modi earlier this year.

While the new iPhone 7 and iPhone 7 Plus are selling well, older models such as the iPhone 5s and iPhone 6 have also been major contributors to Apple's revenue figures. The older models are being sold at slashed prices with offers from different sellers.

The ET report suggests that Micromax sales dipped by 6 percent in the financial year ending in March 2016, registering a figure of ₹9825.46 crore. Micromax sales have been slipping consistently throughout the year. A recent report by the research firm International Data Corporation (IDC) confirmed that Micromax has slipped to the third position in terms of the number of smartphones shipped to the Indian market. Lenovo overtook Micromax, gaining the second position and Xiaomi is in the fourth position, breathing down Micromax's neck with just 0.1 percent gap between them.

Lenovo has registered a strong position in terms of revenue from sales too, recording strong revenues at ₹10,483.62 crore, thanks to the mid-range phones that it sells under the Motorola and Lenovo branding.

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A man walks past the logo of Samsung at Samsung group headquarters in Seoul on November 29, 2016. Samsung Electronics said on November 29 it was considering splitting the company into two as it faces growing pressure to overhaul governance structure during a crucial power transfer in the top management. / AFP / JUNG YEON-JE (Photo credit should read JUNG YEON-JE/AFP/Getty Images)

While there is a tussle for the second place among phone makers in terms of sales figures and the number of devices shipped and sold in India, Samsung rules the market in each of these categories. The Korean electronics giant sold phones worth a whopping ₹47,001.4 crore in India in the financial year ending in March 2016, accounting for over 70 percent of the overall market sales figures. Volume sales of budget and mid-range phones, and a good performance by the premium Galaxy S7 and Galaxy S7 Edge devices have helped the company a lot. The figures would have been higher if not for the Note 7 debacle.